Nashville home sales started the year off a lot slower than what we have become used to, but there are signs that the market is now starting to kick into high gear again. The latest report from the Greater Nashville REALTORS® March, shows that there were 3,446 home closings reported for the month of March, which is a .7 percent increase compared to the 3,420 closings we saw this time last year
This doesn’t sound like a huge increase, but we have to remember that the first two months this year were actually trending below last years numbers, so this is very encouraging. Also there was a substantial increase in pending home sales for the second month in a row.
The average sales price for a single-family home during March was up 8.9% at $297,915. The average sales price for condos also increased by 9.4% at $218,600. These numbers compares to year’s median residential and condominium prices of $273,500 and $199,900, respectively.
Real Estate Closings by Category
Quotes From GNAR President
“March is the early start of the spring home buying and selling season, and it marked a turning point for sales in the region with our first increase in year-over-year sales this year,” said Greater Nashville REALTORS® President Sher Powers. “The data shows what is typical for this time of year, with increases in closings, price and inventory. The strong number of pending home sales indicates a solid season ahead for our market.”
There were 4,076 sales pending at the end of March, compared with 3,739 pending sales at this time last year. The average days on the market was up just slightly at 34 days compared to the 33 days we saw last March.
There were 8,521 available homes at the end of the month, which was down slightly from 8,568 in March 2017.
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